Singapore ups ante on RMB X-border schemes; RBI reviews foreign investor access to bonds
* Singapore notches another RMB X-border win
* RBI acknowledges corporate bond market failings
* IPOs back on in China
* And more...
MAS locks in new RMB X-border arrangements
The Monetary Authority of Singapore (MAS) announced on November 9 key initiatives to further increase cross-border renminbi flows. Among them, MAS and China’s central bank agreed to extend to China’s Chongqing municipality the same cross-border renminbi schemes currently existing in Suzhou and Tianjin. For example, Singapore-based banks will be allowed to lend renminbi to companies in Chongqing and Chongqing-based companies can issue renminbi bonds in Singapore and fully repatriate the proceeds.
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